HAL posts record Rs 19,400 crore turnover, IAF still to pay bills

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Hindustan Aeronautics Limited (HAL), which has faced concerted criticism over the past year from both the defence ministry and the Indian Air Force (IAF), has announced a record turnover of over Rs 19,400 crore (provisional and unaudited) for the financial year that ended March 31.

This amounts to 6 per cent revenue growth over the previous year’s turnover of Rs 18,284 crore.

That comfortably beat the revenue growth of 3.8 per cent during 2017-18.
However, the IAF still owes HAL about Rs 20,000 crore in unpaid dues for aircraft delivered and overhauled and for milestone payments due, Business Standard has learnt.
In January, HAL had to take a bank loan of Rs 781 crore to pay salaries to its 29,000 employees.

At the time, HAL Chairman R Madhavan had told Business Standard: “The IAF owes HAL money for aircraft, helicopters and services that we have already delivered. Current dues are at Rs 15,700 crore and will rise to Rs 20,000 crore by March 31.” Madhavan’s projection has turned out to be accurate.

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